Gold price prediction: What's the gold outlook for January 2, 2025? Why Rs 1,36,000 is an important level

Gold price prediction today: Gold prices are likely to stabilize after a period of correction and investors can look to buy on dips, says Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Gold futures on MCX are trading near ₹1,35,690 after a phase of consolidation, with price action indicating base formation above key intraday supports. The market is showing early signs of stabilization after recent corrective moves, and technical indicators suggest that downside momentum is limited at current levels. The setup favors a buy-on-dips approach near ₹1,36,000, with clearly defined risk.

Technical Setup:

Price is trading close to the short-term EMA cluster, with EMA 8 attempting to turn upward and move above EMA 21. This indicates improving short-term momentum and the possibility of a trend reversal if prices sustain above ₹1,36,000.

Gold is consolidating near the mid-Bollinger band after defending the lower band successfully. This structure suggests selling pressure is easing, and a move towards the upper band could unfold if buying emerges above support.

Pivot Points (Previous Day):

• Key Support Zone: ₹1,36,000 – ₹1,35,700
• Resistance Levels: ₹1,37,000 – ₹1,38,000

Holding above the pivot support strengthens the bullish intraday bias.

RSI is near 53, comfortably above the neutral zone, indicating improving momentum and scope for further upside without entering overbought territory.

MACD is flattening after a negative phase, with histogram bars contracting. This suggests bearish momentum is fading and a positive crossover may develop on sustained buying.

Intraday Trading View:

• Strategy: Buy on dips
• Entry Level: ₹1,36,000
• Stop-Loss: ₹1,34,700
• Upside Target: ₹1,38,000

Bias: Bullish above ₹1,36,000; weakness only below ₹1,34,700.

Conclusion:

Gold’s intraday technical structure points toward stabilization after correction, supported by EMA alignment, RSI strength, and easing MACD pressure. Traders may look to initiate long positions near ₹1,36,000, keeping a strict stop-loss at ₹1,34,700 and targeting a move towards ₹1,38,000 during the session.

Buy on Dips | Support: ₹1,36,000 | Target: ₹1,38,000
(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)